by Ronel Jooste

What is VAT? VAT is an abbreviation for the term Value-Added Tax. It is an indirect tax on the consumption of goods and services in the economy. It is a tax on the end consumer, but it is collected by businesses on behalf of the government.

by Ronel Jooste

Funding refers to the financial resources that are available to support a particular project or endeavor. It can take many forms, such as loans, grants, investments, or other forms of financial support. Funding is often necessary to start or grow a business, for research and development, or to launch new products or services. The type of funding that is chosen can have a significant impact on the success and viability of the project, so it's important to carefully consider the options and choose the one that best fits the needs and goals of the business or individual. Equity funding and Debt funding are two primary types of funding that business owners can use to raise capital. 

by Ronel Jooste

Are you self-employed and feeling stressed about not having sufficient retirement savings? Plenty of business owners are still seen to be actively working years after reaching retirement age. They really love what they do, or they don’t have somebody reliable to take over or they don’t want to let go of their ‘baby’ are the common reasons provided to explain this situation. Yes, these can be valid reasons or reasons contributing to the situation, but for many business owners the harsh reality is that they cannot afford to go on retirement.

by Ronel Jooste

Many people set New Year resolutions at the beginning of a new year. Some people aspire to lose weight, to exercise on a regular basis, to eat healthier, to spend more time with their loved ones or to start a new business. We all have more energy, new ideas and new goals at the beginning of a new year. It is also the perfect time to get your personal finances in order for the remainder of the year. Definitely a resolution that you want to turn into reality, because it will create financial security and stability for you and your family.

by Ronel Jooste

For many business owners, the concept of tax and complying with tax rules and regulations can be daunting. Tax compliance however plays a vital role in the success and growth of your business. When you apply for funding, banks and funding houses require a tax compliance certificate. Many bigger organisations that you want to do business with, require a tax compliance certificate. Most tender or business proposal processes require a tax compliance certificate. As business owner you limit your opportunities if you are not submitting your returns and paying your taxes when required. Also remember that SARS keeps you as business owner responsible. Arguing ignorance or blaming your accountant will not set you free as far as SARS is concerned.

by Ronel Jooste

A business plan is considered the most critical document for any business, whether you are starting a business or have an established business. There is a general perception that business plans are only required for funding purposes which is not true. A business plan provides the foundation layer of any business and can be effectively used for operational and strategic planning purposes.

by Ronel Jooste

Investing certainly has multiple benefits: create wealth for yourself and your family, create financial security, prepare for unforeseen circumstances, and create passive income streams. Making investments even more attractive, is when not only you benefit but you can invest for a bigger purpose; when your investment can contribute to making South Africa a better country for everybody, when other people and the economy can benefit too. These types of investments are growing in popularity, and you can choose something that you can relate to.

by Ronel Jooste

Finances are an integral part of any business. Let us be honest, there is no sense in running a business that is not profitable unless it is for a charity cause. The sad reality is that plenty of business owners don’t spend a lot of time on managing and analyzing their finances. Finances are often perceived to be boring, complicated, or only a support function within a business. The truth is, the better you manage your finances, the more successful your business will become. The better you know your numbers, the more powerful decisions you can make.

By Ronel Jooste

Investments play a vital role in creating financial stability and adding muscle to your wealth portfolio. The more you can invest today, the stronger financial future you can create. To make smart investment decisions, you need to understand a few investment concepts and principles.

by Ronel Jooste

Facing the chaos of a world pandemic during 2020, the thought of the December period where we can scale down, relax and recharge is certainly something to enjoy. It is time to forget about what happened in 2020 – the good, the bad and the ugly – and get ourselves ready for 2021. Pure bliss!

by Ronel Jooste

December is time for fun, relaxation and spending time with loved ones. It is school holidays and the children need to be entertained for an extended period. Many people go away to a holiday destination while other people stay at home and do day trips. December is associated with entertainment, activities and gifts.

by Ronel Jooste

Are you self-employed and feeling stressed about not having sufficient retirement savings? Plenty of business owners are still seen to be actively working years after reaching retirement age. They really love what they do, or they don’t have somebody reliable to take over or they don’t want to let go of their ‘baby’ are the common reasons provided to explain this situation. Yes, these can be valid reasons or reasons contributing to the situation, but for many business owners the harsh reality is that they cannot afford to go on retirement.

by Ronel Jooste

What if you had sufficient income and not having to work 24/7? What if you had sufficient income to realize your dreams, live the lifestyle you dream about and create wealth in the process?

by Ronel Jooste

As you might know in South Africa, SARS has rolled out auto assessments for the 2019/20 tax year, mainly for non-provisional taxpayers. In this video clip I explain what an auto assessment entails and the 3 important things you should do when you are auto assessed.

by Ronel Jooste

Many business owners find the invoicing process quite tedious and this is also a process that many businesses neglect. Invoicing is, however, a critical process for your cash flow management.

by Ronel Jooste

Despite the financial stress, uncertainty and knock-on impact the covid-19 crisis is causing for the economy, businesses and households, there are also multiple opportunities for people to create wealth for themselves amid the crisis. Looking at history various companies that have grown into massive multi-national companies were in fact born during a time of recession – Microsoft, General Electric, General Motors, Disney, IBM and the Hyatt Hotel Group to mention a few.

by Ronel Jooste CA(SA), Financial Consultant, Speaker and Author of ‘Financially Fit and Wealthy’

Concerns were rightfully raised about the various relief options which have been announced to help individuals and businesses who have been affected by the national lockdown in South Africa, enforced to stop the spread of the Coronavirus. It became evident that most relief funding options are in the form of a loan repayable with interest.

by Ronel Jooste

Cash flow is critical to any business despite the size or type of business. Cash flow can be compared to a river. A river will always flow into a dam or the sea, and for the river to remain flowing there needs to be a constant inflow of water. At some point there might be a cascade where the water will be tumbling down over rocks and building up to that cascade the river needs even more water flowing in. When there is a strong inflow of water the cascade turns into a beautiful picture. Similarly businesses need a constant inflow of cash to support their cash outflows in the form of expenses, paying suppliers and repaying debt. When a business has a solid inflow of cash and manage the outflow of cash, the business can ultimately grow and thrive.

by Ronel Jooste CA(SA), Financial Consultant, Speaker and Author of ‘Financially Fit and Wealthy’

The real value of having an emergency fund will only be fully appreciated during an emergency like the current pandemic. During the lockdown period imposed to stop the spread of the Coronavirus, both businesses and individuals are being severally impacted. Many businesses cannot trade during this period or are on a reduced level, resulting in no income or less income, but the expenses still have to be paid. Certain employees were put on unpaid leave or had to settle for a reduction in their salaries, but their living costs still have to be covered. Massive job losses are already predicted.

by Ronel Jooste CA(SA), Financial Consultant, Speaker and Author of ‘Financially Fit and Wealthy’

Covid-19 certainly calls for extreme measures. The financial impact on individuals and businesses is extreme. The impact on the economy is extreme. Individuals and businesses are desperately looking for solutions to carry them through the lockdown period as well as the recovery phase thereafter. Most banks and other credit providers have offered payment holidays. Payment holidays are a welcome relief and definitely one solution to consider. It is however important to fully understand what a payment holiday entails and what the impact is over the longer-term.

by Ronel Jooste CA(SA), Financial Consultant, Speaker and Author of ‘Financially Fit and Wealthy’

The South African Reserve Bank (SARB) has announced an interest rate cut of 1% (100 basis points) effective from March 2020. The interest rate cut brings the repo rate down to 5,25% and the prime lending rate to 8,75%. This follows the previous cut of 0,25% that was announced three months ago in January 2020 bringing the repo rate to 6,25%. The cut in the interest rate is in response to a South African economy struggling for quite some time now.

by Ronel Jooste

The year 2020 was earmarked to be the ’20-plenty’ year. A year filled with great expectations, abundance, growth, achievement and joy. The outbreak of covid-19 brought those expectations to a sudden halt. It almost feels unreal that a virus can have this significant impact on the entire world. The world is in ‘shut-down’ mode. No more travelling, schools and multiple businesses are closed, many employees work from home, big events are cancelled etc. The impact of covid-19 on the economy, businesses and individuals will be phenomenal.